CrowdStreet raises $3.5M

The Portland real estate startup raised $3.5 million to expand sales and marketing.

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Conceived as a real estate crowdfunding website when it started in 2013, CrowdStreet now also offers its software as a service to existing real estate investment firms who use it to communicate with their investors.

“We provide online tools to help companies fundraise and manage their investments online,” said Darren Powderly, CrowdStreet’s co-founder and vice president of business development.

Wednesday’s backing comes from Rally Ventures, joined by prior CrowdStreet investors Green Visor Capital, Seven Peaks Ventures and Portland Seed Fund. CrowdStreet had previously raised $1.3 million.

(READ MORE: Oregon Live)

Co-founder Darren Powderly told the Bend Bulletin that the idea for the crowdfunding real estate platform “grew out of his experience with real estate in Bend, both personally and as president of Compass Commercial Real Estate Services.”

Powderly added that the investment will be used to add employees, particularly on the software development side, and continue to grow its online platform.

(READ MORE: Bend Bulletin)